Joe Biden Changes Direction and Goes all in on Cryptocurrencies
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By Luna Saracino profile image Luna Saracino
3 min read

Joe Biden Changes Direction and Goes all in on Cryptocurrencies

Joe Biden's new election campaign also decides to include the crypto sector

Joe Biden's new election campaign also decides to include the crypto sector

In spite of a rather sceptical initial approach towards the crypto world in general, it seems that Biden's new US re-election campaign wants to attempt a U-turn and focus its attention precisely on the cryptocurrency world.

The Democratic Party Towards an Opening to the Crypto World

According to a new report announced by The Block, a magazine specialising in the crypto world, President Joe Biden would like to launch a campaign not only to integrate this sector into his policy, but also to open up in some way to a world that is still virtually unknown to him - and to Democrats in general. 

It is a crucial change, this, both politically and economically. The reason is very simple: until now, Biden's policy has never been interested in integrating the crypto world into his actions, partly out of scepticism and partly because it is a constantly evolving world, in some ways difficult to decipher or follow consistently. It is clear, therefore, that trusting and relying on these realities can be exhausting - unless you are really passionate or at least curious about the subject.

Cryptocurrencies and Review of Sab 121

Biden's approach to cryptocurrencies does not, however, come by accident. The need to sensitise his constituents on the issue comes in the wake of the revision of the so-called SAB 121 (Staff Accounting Bulletin 121), a memo issued by a US commission called the SEC (Securities and Exchange Commission) that requires listed banks to introduce digital assets into their ordinary financial statements. Until then, however, bank custody assets had always been kept outside of the overall balance sheet. 

Before SAB 121, banks could custody cryptocurrencies without having to report on them. When, however, the SEC required the introduction of SAB 121, banks - and related institutions - took a step back. The review of this regulation served to emphasise the indisputable rise of this sector and the world of cryptocurrencies in general, prompting personalities like Biden to change his stance on many fronts. 

Biden's new approach marks a momentous change and follows Trump's announcement to accept cryptocurrencies as part of his campaign financing. For Trump, however, the interest in the world of cryptocurrencies is nothing new, as his policies have always included the crypto world as well, going somewhat against his previous positioning on the digital world. The recent desire to include cryptocurrency payments in his campaign, however, more closely resembles his inclination to oppose government control over financial transactions.

Biden and Cryptocurrencies: the Position of the Crypto World

The crypto sector, however, has greeted Biden's approach in a mixed way: while some have seen in him a kind of openness towards a world that is in some ways far removed from his politics, there are still ongoing scepticisms to be contained. Uncertainty aside, the approach of the US Democratic Party towards cryptocurrencies is undoubtedly a sign of a great change and confirmation that the crypto world is increasingly present and important, both politically and economically. Unlike Biden, Trump has always included cryptocurrencies in his own campaigns. 

The presidential elections are approaching and both Biden and Trump are revising their campaigns by orienting them more and more on a digital world, in every possible sense. The outcome of these campaigns will, therefore, be crucial and will give us the measure of what the crypto sector may become in the future. 

What Do Voters Think About Cryptocurrencies?

Regardless of positioning, one fact seems to stand out above all others and cannot be underestimated: according to a poll proposed by Public Opinion Strategies, it seems that Trump voters are much more pro-cryptocurrency than Biden voters. How will Biden's voters position themselves, then, after this announcement? 

If you want to keep up with updates on the crypto world, follow SpazioCrypto, add it to your favourites and consult the  guide on cryptocurrencies.

By Luna Saracino profile image Luna Saracino
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